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USD/CAD - FALSE BREAK AND A DOUBLE BOTTOM TRIGGERED

Long
U.S. Dollar / Canadian Dollar (FX:USDCAD)  
TradeItSimple  
FX:USDCAD   U.S. Dollar / Canadian Dollar
usdcadlong Double Bottom neckline loonie Ascending Channel
4
0
usdcadlong doublebottom neckline loonie ascendingchannel
USDCAD


After testing the the original breakout low at 1.3030 the rate turned around and rallied back inside the previously broken rising channel thus creating a small double bottom formation.

It has also broken the short term falling trendline resistance, therefore my immediate bias is now higher.

I will be waiting for a pullback towards the broken double bottom neckline at 1.3175 to confirm the channel support is holding once again to target a possible move towards the channel resistance around 1.3570.

A break back below the neckline would invalidate my immediate bullish bias, however, only a daily close below yesterday's lows would turn me bearish on the pair again.

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